This invention relates to alloys for use in light water nuclear reactor (LWR) core structural components and fuel cladding. More particularly, this invention relates to a zirconium alloy for such use which exhibits superior ductility, creep strength, and corrosion resistance after irradiation. Still more particularly, this invention relates to a zirconium alloy with improved creep strength, corrosion resistance, and low neutron absorption cross section by controlling its alloy composition to within particular ranges, and especially including oxygen in particularly high ranges, thus to assist in reducing hydrogen uptake of the proposed alloy.